I saw the video link in there, but i didn't fool around with that yet either.
I have, however, fooled around with the radio station feature. You can add radio station streaming url's to it, as a way to collect them all in one spot. There's no support for this (or video) in the android client yet though.
All of this, btw, is also viewable from a regular browser on your computer, and the radio station urls work from here. All they do is launch the stream url when you click on it. So whatever the stream needs, it launches (IE: media player, browser with flash window). You also will need something like VLC media player to play some streams that media player won't play. (someday flash will get here, and this will no longer be an issue, in theory).
The only problem I had was that the only computer I had to put on my DMZ was an old P4 with a 40GB HD. I just barely had enough room for the full itunes library. I was not able to download my entire library to my phone, as I only had 14GB, so I had to pick and choose what I brought down...which sucked.
It's pretty powerful stuff.